Savills expects to lead the emirate for the remainder of this year
Dubai is the fourth in the world in the growth of the value of luxury residential real estate during the first half
Luxury real estate prices in Dubai rose by 4.7% during the first half of 2022. Getty
Savills, a global specialist in real estate consultancy, reported that the residential real estate markets in the world maintained their resilience in the first half of 2022, through its semi-annual study on the capital values of luxury residential properties and their rents in 30 major cities. International.
Dubai recorded a strong performance in both assessments for the period ending in June, which was evident in the Savills index of luxury housing in global cities.
In terms of capital values, American cities ranked first on the Savills Index, while Dubai was the only non-American city that managed to enter the list of the top five cities in terms of real estate value growth, coming in fourth place.
Luxury real estate prices in the emirate increased by 4.7% during the first half of the year, and the strong capital growth is expected to continue for the rest of 2022. The capital values of the 30 cities included in the Savills Index experienced an average growth of 2.4%.
It is expected that the UAE and Dubai will continue to attract high net worth individuals to a greater extent than it was before the “Covid-19” crisis, thanks to the success of the golden residency program and the continued flow of these individuals.
Henley & Partners, a citizenship and residency consultancy, forecasts that 4,000 millionaires will move to the UAE in 2022, four times the levels before the health crisis.
The emirate continues to invest in infrastructure and upgrade its entertainment and tourism offerings, with the aim of attracting talent and business, and providing a favorable environment for them in the long term.
Dubai was distinguished from other top global cities included in the index, such as Miami, Lisbon and Cape Town, thanks to the growing trend towards warm weather and wider spaces, in addition to the quality of life it provides.
Miami ranked first in terms of capital growth in the first half of 2022, recording a semi-annual growth of 12.5%, thanks to low taxes and a high-quality life in it, which encouraged immigration to it from other American cities.
North American cities recorded the strongest performance in 2022 so far, followed by European cities.
In terms of rents, residential property rents in Dubai witnessed a rapid growth of 5.3%, driven by lifestyle trends seen in other markets.
The emirate was also ranked as the third best destination in the world for remote executives, according to a previous study by Savills, thanks to the diversity of residency programs, the favorable business environment it provides, ease of transportation, and the stability of its luxury real estate market.
Dubai, along with New York and Los Angeles, topped the list of cities in terms of residential real estate revenues, achieving a rate of more than 4.5% since June 2021. The average total return maintained at 3% during the six months until June 2022 in all cities included in the index.
• Dubai outperformed global cities included in the index, such as Miami, Lisbon and Cape Town.
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